Due Date For Filing Income Tax Return, Audit Report??

Due Date For Filing Income Tax Return, Audit Reports Extended By 15 Days

The taxman last month announced the extension of the maturity date of September 30 by a similar 15 days.

For the same assessment year, the deadline for submitting an audit report has been pushed back to October 31 from September 30. The due date for filing returns for AY 2021-22 for corporate taxpayers and individual taxpayers subject to tax audit has been extended from October 31 to November 30.

 The Government on Monday extended the due date for submission of income tax returns (ITR) and audit reports. The Direct Tax Center Board, the top policy-making body of the Income Tax Department, said the due date for filing income tax returns and the audit report for Assessments 2018-19 (2017-18 financial year) is October 31, 2018 for certain. taxpayer category. Monday’s step marks the second extension given by the Direct Tax Center Council to assessors whose bookkeeping must be audited. The move comes after the tax officer considers representation from stakeholders, he said in a statement.

The taxman last month announced the extension of the maturity date on September 30 by the same 15 days, until October 15, 2018.

Submission of income tax returns by paid taxpayers and those choosing the Estimated Income Scheme jumped 71 percent to 5.42 crore until August 31, according to data released by the Income Tax Department. This taxpayer category must provide their ITR for the 2017-18 financial year in August.

A taxpayer must mandatorily undergo a tax audit of his/ her books of accounts if the sales, turnover, or gross receipts exceeds Rs 1 crore in a financial year. The threshold limit of Rs 1 crore is proposed to be increased to Rs 5 crore with effect from AY 2020-21 (FY 2019-20.

The taxman announced a new due date of October 31 filing of ITR and audit reports

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GST TAX RATES INDIA 2018. Latest Updates, Notifications..?

GST Goods and Services Tax, is a national indirect tax, which applies throughout India on July 1, 2017 and replaces some Indirect Taxes imposed by the central and state governments. The central government categorizes 1,211 items under various GST tax sheets. Goods and Services Tax (GST) rates are lower for the highest and most important items for luxury goods and merchandise which will also attract additional costs.

Now throughout India, there are mainly four tax rates that will be charged as GST, namely 5%, 12%, 18% and 28%.

GST Rate

 

List of Goods and Services under 0% GST Rate (No tax)

 

GST 0%

 

List of Goods and Services under 5% GST Rate:

 

GST 5%

 

List of Goods and Services under 12% GST Rate:

 

GST 12%

 

List of Goods and Services under 18% GST Rate:

 

GST 18% tax

List of Goods and Services under 28% GST Rate:

 

GST 18% Tax Rate

 

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How GST works in India?

GST is a Destination-based tax. GST follows a Multi-Stage collection mechanism. The Goods and Services Tax (GST) will be collected at each stage (from the product manufacturing stage to the delivery to the final consumer) and the tax credit paid in the previous stage is available as a set-off at the next stage of the transaction. This helps eliminate the system of “Indirect tax on taxes”.

Indirect tax structures in India can be clearly understood from the following chart:

GST Work in India

Now GST (Goods and Services Tax) replaces all of these indirect taxes collected by the Central and State Governments.
When the Goods and Services Tax is applied, there will be 3 types of applicable Goods and Services Taxes, namely CGST, SGST & IGST.

GST Model

CGST – Central Goods and Services Tax: Revenue will be collected by the central government

SGST – State Goods and Services Tax:  Revenue will be collected by the state government for intra-country sales (that is, sales in certain states in India)

IGST – Integrated Goods and Services Tax: Revenue will be collected by the central government for sales between countries (that is, sales between various states in India)

The CGST, SGST & IGST can be understood better than the following diagram:

GST Types

Transaction of goods New Regime Old Regime Points to Note
Sale within the particular state CGST + SGST VAT + Central Excise/ Service tax Revenue will now be shared between the Centre and the State
Sale to another State IGST Central Sales Tax + Excise/ Service Tax There will only be one type of tax (central) now in case of inter-state sales.